"The suit challenges FinCEN's anti-money laundering rule, which requires title firms to report specific details on all-cash home purchase transactions. These include the names, addresses, dates of birth, citizenship status and ID numbers of all people involved including minors plus payment details and information about trusts and entities that are purchasing the property. The rule was promulgated under the Biden administration and is set to go into effect in December 2025."
"According to FinCEN, criminals, corrupt officials and terrorists have used anonymous, cash-based real estate purchases to launder money, prompting it to issue its new policy. The defendants argue that FNF's request for an injunction delaying the enforcement of the rule is improper and should be denied. They also argue that an injunction would disrupt FinCEN's enforcement efforts and national security goals. The defendants also note that FNF has previously complied with FinCEN's geographic targeting orders without complaint."
"The defendants also argue that FNF's claims of irreparable harm are not valid as the plaintiffs waited 361 days before filing their motion for injunctive relief. In addition, the defendants push back against FNF's argument that complying with the rule will cost title companies hundreds of millions of dollars, stating that FNF gave no specific evidence or calculations of actual costs and that they had previously admitted that compliance costs would not be absorbed by companies but instead passed to consumers via higher fees."
FNF filed a lawsuit against FinCEN and the Treasury in May 2025 contesting a new anti-money laundering rule. The rule requires title firms to report names, addresses, dates of birth, citizenship status and ID numbers of all people involved in all-cash home purchases, including minors, plus payment details and information about purchasing trusts and entities. The rule is set to take effect in December 2025. FinCEN cites use of anonymous cash real estate purchases by criminals, corrupt officials and terrorists to justify the rule. Defendants argue the rule is authorized by the Bank Secrecy Act, lawful, and that FNF's injunction and harm claims lack merit.
Read at www.housingwire.com
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